Inflation rebounds in September to 3.5% and food remains at 10.5%

Madrid, Oct 13 (EFECOM).- Interannual inflation stood at 3.5% in September, nine tenths more than in August, driven by electricity and gasoline, while food remained at 10.5%. , as published this Friday by the National Institute of Statistics (INE).

General inflation thus accumulated three consecutive months of rise and marked the highest rate of the last five months, while the underlying inflation, that which eliminates the effects of energy and fresh food, moderated three tenths compared to August, until 5.8%.

These data, which confirm those advanced by the INE at the end of September, detail that, without taking into account the latest tax variations, prices would have risen 3.9%, nine tenths more than the previous month.

The Ministry of Economic Affairs has highlighted that "Spain has been among the countries with the least inflation and the highest economic growth in the euro zone for more than a year," and that the underlying inflation rate in September has marked "the lowest rate in the last year."

Back to the data, the rise in inflation was due to the five-point moderation of the fall in housing prices, to -13.1%, due to the higher cost of electricity compared to last month, which makes the accumulated fall is stopped.

Likewise, transport prices accelerated their rise by more than two and a half points, up to 3.8%, due to the rise in fuel and lubricant prices and the stability of passenger transport.

The rise in inflation occurred despite the moderation in the prices of leisure and culture, due to the greater reduction in the cost of tourist packages, and of clothing and footwear, due to the lower increase in the price of new season items.

The prices of food and non-alcoholic beverages rose 10.5% year-on-year in September, a rate that is maintained compared to August but with which this heading has accumulated 18 months of double-digit growth.

Food prices skyrocketed at the beginning of 2022, already exceeding 10% in April and reaching a record increase of 16.6% last February.

Back in September, the largest year-on-year price increases were recorded in olive oil (67%), sugar (40.5%), potatoes (20.5%), rice (18.5%). and confectionery products (18.2%).

Specifically, olive oil has become more expensive by 136.6% since March 2021, when it began to skyrocket.

On the contrary, the largest year-on-year price decreases occurred in electricity (38.3%), other oils (32.7%), butane and propane (23.9%), and natural gas (23.3% ) and combined passenger transport (15.4%).

During September alone, prices rose by 0.2%, due to the increase in fuel prices, some foods (legumes, vegetables and oils), the fashionable autumn-winter season and electricity, and despite the drop in tourist packages .

By region, inflation rose most strongly in Extremadura, Castilla-La Mancha, Galicia and La Rioja, although the highest rates were in the Canary Islands (4.3%), Cantabria (4.1%) and the Balearic Islands (4.3%). %), as well as in the autonomous cities of Ceuta and Melilla.

The harmonized consumer price index (HICP) stood at 3.3% year-on-year in September, nine tenths above that of August. The monthly variation was 0.6%. EFECOM

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